New home sales rise - South Florida Business Journal:

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percent last month to a seasonally adjusted annual rateof 337,000o from a revised January figurs of 322,000, according to data released Wednesdayg by the . And while that may seem like good sales were stillthe second-worst recordee and 40 percent below last year’s levels. Patrickk Newport, an economist with , notes that builderxs are still finding it hardef then ever to sell newhomes “because existing home prices are dropping fast, and the number of existinf homes for sale remains near a recordf high.” He noted that the median time it took to sell a new home increasedc to 9.8 months – the highesrt reading since July 1982. In sales rose 9.
7 percent in the South from a monthu earlier, and 6.6 percent in the West. they fell 9.1 percent in the Midwest and 3.3 percent in the Northeast. The mediamn sales price fell to $209,000, down 18 percent from the same montyhlast year. The median prics is the midpoint, where half sell for more and half for Atthis rate, the government said it will take a year to clearr through the supply of new homes on the Sales of existing homes also increasec last month by the largest amount in nearlyt six years with first-time buyers taking advantage of slashed prices on foreclosuree and other distressed properties. On Monday, the reported that salea of existing homesgrew 5.
1 percent to an annuak rate of 4.72 million last month, from 4.49 million unite in January. In Florida existing home sales rose 20 percentfwith 9,858 homes sold statewide, up from 8,1811 homes sold during the same month last year, accordiny to the latest housing data from the . Earlier this raised its 2009 estimate of mortgagd originationsby $800 billion to a new total of $2.798 trillion. The that mortgage rates this week dippedto 4.63 from 4.
89 percent in the prior